The New Year is often a time for new opportunities. For some, this may mean selling or buying a home. In todays economic climate, its important to assess the best time to buy or sell based onyour special set of circumstances. To help you make the big decision, weve compiled a fewWinter Park real estate market trends for 2021to be on the lookout for.Read on to learn more about how much you can expect to spend on a home in Grand County,thenumber of homes on the market, and how competitive the local real estate market is. When youre ready to sell or purchase a home in Grand County,check out ourResources forBuyersandSellers. Its a great place to begin your journey to buying or selling a home with Real Estate of Winter Park!
3Winter Park Real Estate Trends for 2021 to Watch For
1. Average Sales Price
The COVID-19 pandemicaffected nearly every aspect of our lives and communities, including real estatemarkets across the United States.Realtor.compublishedan article titled, How the Pandemic Pushed Home Prices to a Record High Amid Historic Economic Downturn.This source reported that the median listing price increased 8.5 percent year-over-year, which isaboutwhat were seeing here in Grand County. In 2019, the average sales price for a home in Grand County averaged about $400,000 to $500,000. At the end of 2020, our real estate market saw a record average high of nearly $650,000 and weexpect that figure to increase as we move further into 2021. The high demand for homes fueled by record-low interest rates has created a housing market that is expensive andcompetitive.
2. Active Listing Inventory
We used the word competitive in the paragraph above. Heres what we mean: The active listing inventory in Winter Park has been steadilydeclining as more peoplearerelocatingto Winter Park.InourJanuary 2021 market summary, we reportedtherewere only nine homes on the market that are move-in ready and range from$590,000to 4.49M.
3. Days on the Market
Recently, homes have been getting snagged almost as soon as theyre listed. While this has to do with a limited inventory and low interest rates as we stated earlier, its a trend we were seeing even before the pandemic. In 2020, single-family homes, townhomes, and duplexes spent an average of 135 days on the market, which was 29 days less than the 2019 average. If youre looking for a home, be sure tosearch our propertiesdaily so you dont miss anything that goes up for sale!
Stay in the Know with Real Estate of Winter Park
Stay in the know about the state of the local housing market with Real Estate of Winter Park.We post important market updates onourblog,so,you can get the latest information aboutever-changing market trends. Be sure to check back for more Winter Park real estate market trends for 2021! If you decide to buy or sell in Grand County this year, consider Real Estate of Winter Park as your trusted realtor.Rest assuredthatour teamof Winter Park real estate agents are looking out for your best interest andarestanding by to support you, every step of the way. Contact us to begin your journey!